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1. GGAP- (Generally Accepted Accounting Principles) These are a set of rules, standards ,conventions, and procedures that were established by The Financial Accounting board for reporting financial information. 2. Basic accounting formula- Assets = Liabilities + Capital
This formula is for double entry bookkeeping systems. This formula must always balance so that the company has the assets and funds it needs to operate.

3. Transaction, T-account- is also a set of financial records that also use double entry bookkeeping. The name T-account comes from the appearance of the records. 4. Debit and credit- entries made in account ledgers to show changes in value because of transactions made by the business. 5. Trial balance- A list of general ledger accounts, they contain the name of the nominal ledger account, as well as the value. It will hold either a debit or credit balance value. 6. Journal- a file in a book or on a computer of monetary transactions that are entered the first time they are processed. The list is in chronological sequences by date.

7. Assets and liabilities- assets are things you own such as car, house, or business. Liabilities are things that are owed such as mortgage, car payment, and student loans. These can determine your credit score. 8. Net assets- can also be described as the net worth is the total asset minus the total liability. 9. Accounts receivable- money owed by customers for services or products received but not paid for yet. 10. Accounts payable- money that is owed by a business to the suppliers and shown

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